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<br />Carol Russell <br />MLRD <br />Bonding Adjustments cont. <br />Page 2 <br />Description Volume C.Y. Bonding ($) $/C.Y. <br />Extra (volume/Bonding required: <br />-3C~3'~ $300,892 <br />142,00 ' -119,280 <br />71 -221,736 <br />49,193 41,322 0.84 <br />Therefore, GEC Minerals, Inc. is legally responsible for additional <br />reclamation bond up to $41,322 as calculated above. <br />However, owing to GEC Minerals, Inc. present financial situation, which <br />would not allow GEC to perform such bonding as indicated, GEC would rather <br />propose to carry out additional reclamation work, which would equalize the <br />value of bonding or yardage in compensation of this requirement. <br />The following is the status of GEC's current Bonding Information directly <br />related to the accomplishment of GEC's reclamation work: <br />Bonding to be deducted Bonding ($) Remarks - <br />Maintenance Shop Area $ 346 -Maintenance Shop never <br />has been built & will <br />not be built in the <br />near future. <br />Orphan Pit <br />90% X $13,949 <br />Prospecting Pit <br />12,554 -Backfilling <br />70% X $10,340 7,238 -Backfilling, Newlin <br />Creek reconstruction <br />70% X $600.3 420 -Regrading, topsoiling <br />Total: $20,212 <br />Total actual reclamation bonding amount will be $41,322 - $20,212(to be <br />deducted) _ $21,110 or 17,732 cubic yards backfilling reclamation work. <br />According to GEC existing pit, if the backfilling can be carried out along <br />both sides of the haul road to reduce the haul road to 22 feet wide from <br />the North end down to the bottom - 5th Seam (because this is the sole <br />access road to operate the pit, therefore, this haul road shall be remained <br />open until the entire 5th Seam is mined out, and 22 feet will be adequate <br />